An Evaluation of Coupling Coordination between Tourism and Finance

Kai-Cheng Liao, Ming-Yue Yue, Si-Wei Sun, Hong-Bo Xue, Wei Liu, Sang-Bing Tsai and Jiang-Tao Wang
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Kai-Cheng Liao: Business School, Jishou University, Jishou 416000, China
Ming-Yue Yue: School of Business Administration, Hunan University, Changsha 410082, China
Si-Wei Sun: International Business School Suzhou, Xi’an Jiaotong-Liverpool University, Suzhou 215123, China
Hong-Bo Xue: Business School, Nankai University, Tianjin 300071, China
Wei Liu: School of Business, Wuyi University, Nanping 354300, China
Sang-Bing Tsai: Zhongshan Institute, University of Electronic Science and Technology of China, Zhongshan 528400, China
Jiang-Tao Wang: Zhongshan Institute, University of Electronic Science and Technology of China, Zhongshan 528400, China

Sustainability, 2018, vol. 10, issue 7, 1-23

Abstract: The tourism industry has become a new growth engine that closely coordinates with the financial industry and contributes to the sustainable development of local economies. This study establishes a comprehensive index system and evaluates the coupling coordination based on an integrated approach, and the dynamic relationship between tourism and finance through applying coupling coordination degree modeling, the Granger causality test, and an impulse response function based on the regional coordination theory and system theory. Using data from 2000 to 2016 of three tourism-based cities in China, the findings reveal heterogeneous results among the cities. Specifically, the following: (1) The coupling coordination degree between finance and tourism in Zhangjiajie increased with strong fluctuations. A one-way causality relationship existed between two subsystems, and finance continuously contributed to the growth of tourism with serious lags; (2) The coupling coordination degree between finance and tourism in Huang Shan presented a ladder-type and continuous rise. A two-way causality relationship existed between the two subsystems mentioned above, and finance influenced the growth of tourism with continuously positive or negative effects, while tourism continuously contributed to the development of finance. (3) The coupling coordination degree between finance and tourism in Sanya grew with a frequent, tiny, and fluctuating trend. A two-way causality relationship existed between the two subsystems mentioned above, and finance influenced the growth of tourism with continuously positive or negative effects, while tourism influenced the development of finance with temporary positive or negative effects.

Keywords: sustainable development; tourism; finance; coupling coordination; dynamic relationship (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (18)

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